Allianz Annual Report 2012

the risk management, control and governance processes. Therefore, internal audit activities are geared towards help- ing the company to mitigate risks as well as further assist in strengthening its governance processes and structures. Compliance and anti-money laundering program The sustained success of the ­Allianz Group is based on the responsible behavior of all Group employees, who embody trust, respect and integrity. By means of the compliance and anti-money laundering program coordinated by its independent central compliance department, ­Allianz sup- ports and follows internationally and nationally recognized guidelines and standards for rules-compliant and value- based corporate governance. These include the UN Global Compact Program, the OECD Guidelines for Multinational Enterprises, embargo regulations and the recommenda- tionsoftheFinancialActionTaskForceonMoneyLaundering (FATF). ­Allianz manages the risk of infringements against statutory provisions and requirements (compliance risk) through its support for and adherence to these interna- tional and national principles. At the same time, it inte- grates sustainability and social responsibility in its corpo- rate conduct. The independent central compliance department is responsible, in close cooperation with local compliance departments, for ensuring the effective imple- mentation and monitoring of the compliance and anti- money laundering program within ­Allianz as well as for the investigation of any suspected infringement. The standards of conduct established by the ­Allianz Group’s Code of Conduct for Business Ethics and Compliance serve to implement these guidelines and principles and are obligatory for all employees worldwide. The Code of Conduct is available on our website at www.allianz.com/corporate- governance. The Code of Conduct and the internal guidelines derived from it provide all employees with clear guidance on be- havior that lives up to the values of the ­Allianz Group. In order to transmit the principles of the Code of Conduct and other compliance guidelines and controls effectively and on a sustained basis, ­Allianz has implemented interactive trainingprogramsaroundtheworld.Theseprovidepractical guidelines which enable employees to come to their own decisions and avoid potential conflicts of interest. The Code of Conduct also forms the basis for guidelines and controls to ensure fair dealings with ­Allianz Group custom- ers (sales compliance). There are legal provisions against corruption and bribery in almost all countries in which ­Allianz has a presence.­ For this reason, a global Anti-Corruption Program was es- tablished in the summer of 2009, which provides for the continuous monitoring and improvement of the internal anti-corruption controls. (For further information on the Anti-Corruption Program, please refer to Our Progress in Sustainable Development starting on page 109.) A major component of the ­Allianz Group’s compliance pro- gram is a whistleblower system that allows employees to alert the relevant compliance department confidentially about irregularities. Employees who voice concerns about irregularities in good faith should not fear retribution in any form, even if the concerns turn out to be unfounded at a later date. Description of the functions of the board of management and the supervisory board and of the composition and functions of their committees A description of the composition of the Supervisory Board and its committees can be found on page 46 and 49 of the Annual Report. On page 52, reference is made to the com- position of the Board of Management and a description of thecompositionoftheBoardofManagement’scommittees can be found on page 64 of the Corporate Governance ­Report. The information can also be found on our website at www.allianz.com/corporate-governance. AgeneraldescriptionofthefunctionsoftheBoardofManage­ ment, the Supervisory Board and their committees can be found in the Corporate Governance Report starting on page 63 and on our website at www.allianz.com/corporate-gov- ernance. www Corporate Governance 109 Our Progress in Sustainable Development 46, 49 Supervisory Board 52, 64 Board of Management 63 Corporate Gover- nance Report Annual Report 2012 Allianz Group70